Air T Financials
Air T (AIRT) reported $371.7M in revenue over the twelve months to Jun 30, 2026, up 25.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A debt-funded balance-sheet expansion lifted scale, but reported earnings and cash generation moved in opposite directions.
Between FY2025 and FY2026, revenue added only$35.2M while assets jumped$235.3M . With financing supplying$65.4M , that looks less like organic scaling and more like a balance-sheet-funded step-change; meanwhile$78.0M of net income arrived alongside operating cash flow of-$25.0M , showing profit and cash were diverging.
FY2026 cash use was not just a profit issue but a capital-intensity issue: capex rose to
The balance sheet became less strained in one narrow sense because equity rebuilt to
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Air T's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Air T has an operating margin of -3.4%, meaning the company loses $3 on every $100 of revenue. This results in a profitability score of 25/100. This is down from 0.7% the prior year.
Air T's revenue grew 12.1% year-over-year to $327.1M, a solid pace of expansion. This earns a growth score of 56/100.
Air T has elevated debt relative to equity (D/E of 2.61), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 1/100, reflecting increased financial risk.
Air T's current ratio of 1.67 indicates adequate short-term liquidity, earning a score of 48/100. The company can meet its near-term obligations, though with limited headroom.
Air T's operations used $25.0M of cash, and capex of $16.5M added to the outflow, for a free cash flow shortfall of $41.5M. This results in a cash flow score of 23/100.
Air T generates a 97.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100.
Air T scores 1.34, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Air T passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Air T used $0.32 of operating cash (-$25.0M OCF vs $78.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Air T reported an operating loss of $11.2M against $12.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Air T generated $327.1M in revenue in fiscal year 2026. This represents an increase of 12.1% from the prior year.
Air T's EBITDA was $1.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 81.8% from the prior year.
Air T reported $78.0M in net income in fiscal year 2026. This represents an increase of 1370.1% from the prior year.
Air T earned $28.85 per diluted share (EPS) in fiscal year 2026. This represents an increase of 1393.7% from the prior year.
Cash & Balance Sheet
Air T recorded an outflow of $41.5M in free cash flow in fiscal year 2026, representing a cash shortfall after capex. This represents a decrease of 285.3% from the prior year.
Air T held $20.3M in cash against $208.2M in long-term debt as of fiscal year 2026.
Not reported for fiscal year 2026.
Margins & Returns
Air T's operating margin was -3.4% in fiscal year 2026, reflecting core business profitability. This is down 4.1 percentage points from the prior year.
Air T's net profit margin was 23.8% in fiscal year 2026, showing the share of revenue converted to profit. This is up 25.9 percentage points from the prior year.
Air T's ROE was 97.7% in fiscal year 2026, measuring profit generated per dollar of shareholder equity.
Not reported for fiscal year 2026.
Capital Allocation
Air T spent $28K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 98.1% from the prior year.
Air T invested $16.5M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 1424.8% from the prior year.
Not reported for fiscal year 2026.
AIRT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $115.5M-4.5% | $120.9M+70.0% | $71.1M+10.9% | $64.2M-9.5% | $70.9M+6.9% | $66.3M-14.8% | $77.9M-4.1% | $81.2M |
| SG&A Expenses | $29.6M-4.5% | $31.1M+86.5% | $16.6M-8.0% | $18.1M+20.4% | $15.0M+1.2% | $14.9M+4.7% | $14.2M-0.1% | $14.2M |
| Operating Income | -$12.8M+6.9% | -$13.8M-264.4% | -$3.8M-168.6% | $5.5M+549.5% | $848K+133.1% | -$2.6M-279.7% | $1.4M-60.7% | $3.6M |
| Interest Expense | $5.7M+11.4% | $5.1M+114.0% | $2.4M+5.7% | $2.3M-2.7% | $2.3M+34.7% | $1.7M-32.9% | $2.6M+18.5% | $2.2M |
| Income Tax | $660K+180.8% | -$817K-775.2% | $121K-94.5% | $2.2M+1718.4% | -$136K+58.9% | -$331K-195.4% | $347K+3.3% | $336K |
| Net Income | -$15.8M-120.3% | $77.7M+3270.7% | -$2.5M-156.3% | $4.4M+366.2% | -$1.6M+76.7% | -$7.0M-441.9% | -$1.3M-151.5% | $2.5M |
| EPS (Diluted) | -$5.86-120.4% | $28.75+3259.3% | -$0.91-156.5% | $1.61+363.9% | -$0.61+76.1% | -$2.55-442.6% | -$0.47-151.6% | $0.91 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
AIRT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $469.1M+14.7% | $409.1M+7.2% | $381.8M+106.6% | $184.7M-2.8% | $190.0M+9.4% | $173.8M-7.4% | $187.6M-4.8% | $197.1M |
| Current Assets | $158.1M-1.2% | $160.0M-0.7% | $161.1M+68.1% | $95.8M+3.1% | $92.9M+18.4% | $78.5M-12.9% | $90.1M-12.2% | $102.6M |
| Cash & Equivalents | $16.7M-18.0% | $20.3M-45.6% | $37.4M+114.0% | $17.5M+20.7% | $14.5M+143.8% | $5.9M-67.9% | $18.5M+114.3% | $8.6M |
| Inventory | $90.1M+16.8% | $77.1M+17.9% | $65.4M+40.3% | $46.6M+16.9% | $39.9M+3.6% | $38.5M-0.1% | $38.5M-24.8% | $51.3M |
| Accounts Receivable | $33.3M-16.5% | $39.9M-7.6% | $43.2M+131.7% | $18.6M-24.3% | $24.6M+3.0% | $23.9M-2.7% | $24.6M-20.1% | $30.8M |
| Goodwill | $19.6M+65.8% | $11.8M-0.7% | $11.9M0.0% | $11.9M0.0% | $11.9M+12.9% | $10.5M+1.4% | $10.4M-2.6% | $10.7M |
| Total Liabilities | $385.9M+21.4% | $317.9M-15.4% | $375.9M+111.8% | $177.4M-4.0% | $184.7M+9.8% | $168.2M-3.1% | $173.6M-4.1% | $181.0M |
| Current Liabilities | $110.7M+15.9% | $95.5M-43.0% | $167.7M+261.0% | $46.4M-5.3% | $49.1M+2.9% | $47.7M+0.7% | $47.3M+4.9% | $45.1M |
| Long-Term Debt | $246.3M+18.3% | $208.2M+7.2% | $194.2M+64.0% | $118.4M-4.4% | $123.8M+12.3% | $110.3M-10.2% | $122.9M-3.1% | $126.8M |
| Total Equity | $65.2M-18.3% | $79.8M+6921.4% | -$1.2M-1795.7% | $69K+101.5% | -$4.6M-44.0% | -$3.2M-162.9% | $5.1M-27.3% | $7.0M |
| Retained Earnings | $64.3M-19.7% | $80.1M+3240.8% | $2.4M-50.5% | $4.8M+881.6% | $494K-76.8% | $2.1M-76.7% | $9.2M-12.4% | $10.5M |
AIRT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.8M-6331.8% | -$44K+99.8% | -$18.5M-241.9% | -$5.4M-394.0% | -$1.1M-126.6% | $4.1M-74.8% | $16.3M+457.3% | $2.9M |
| Capital Expenditures | $21.3M+39.8% | $15.3M+1848.4% | $783K+267.6% | $213K-7.8% | $231K+55.0% | $149K-57.5% | $351K+45.0% | $242K |
| Free Cash Flow | -$24.2M-57.9% | -$15.3M+20.6% | -$19.3M-242.9% | -$5.6M-324.0% | -$1.3M-133.4% | $4.0M-75.2% | $16.0M+494.3% | $2.7M |
| Investing Cash Flow | -$44.0M-52.9% | -$28.8M-314.7% | -$6.9M-141.7% | $16.7M+711.6% | -$2.7M+19.6% | -$3.4M-30.1% | -$2.6M+83.9% | -$16.2M |
| Financing Cash Flow | $42.3M+263.0% | $11.7M-76.7% | $50.0M+666.2% | -$8.8M-170.2% | $12.6M+198.4% | -$12.8M-183.7% | -$4.5M-132.7% | $13.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AIRT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'27 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -11.1%+0.3pp | -11.4%-6.1pp | -5.3%-13.9pp | 8.6%+7.4pp | 1.2%+5.1pp | -3.9%-5.7pp | 1.8%-2.6pp | 4.5% |
| Net Margin | -13.7%-78.0pp | 64.3%+67.7pp | -3.5%-10.2pp | 6.8%+9.1pp | -2.3%+8.3pp | -10.6%-8.9pp | -1.7%-4.8pp | 3.1% |
| Return on Equity | -24.3%-121.6pp | 97.4% | N/A | 6311.6% | N/A | N/A | -25.4%-61.2pp | 35.8% |
| Return on Assets | -3.4%-22.4pp | 19.0%+19.6pp | -0.6%-3.0pp | 2.4%+3.2pp | -0.9%+3.2pp | -4.0%-3.4pp | -0.7%-2.0pp | 1.3% |
| Current Ratio | 1.43-0.2x | 1.67+0.7x | 0.96-1.1x | 2.06+0.2x | 1.89+0.2x | 1.65-0.3x | 1.90-0.4x | 2.27 |
| Debt-to-Equity | 3.78+1.2x | 2.61 | N/A | 1716.32 | N/A | N/A | 24.03+6.0x | 18.02 |
| FCF Margin | -20.9%-8.3pp | -12.7%+14.5pp | -27.1%-18.3pp | -8.8%-6.9pp | -1.9%-7.9pp | 6.0%-14.5pp | 20.5%+17.2pp | 3.3% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Air T Ranks
Frequently Asked Questions
What is Air T's annual revenue?
Air T (AIRT) reported $327.1M in total revenue for fiscal year 2026. This represents a 12.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Air T's revenue growing?
Air T (AIRT) revenue grew by 12.1% year-over-year, from $291.9M to $327.1M in fiscal year 2026.
Is Air T profitable?
Yes, Air T (AIRT) reported a net income of $78.0M in fiscal year 2026, with a net profit margin of 23.8%.
What is Air T's EBITDA?
Air T (AIRT) had EBITDA of $1.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Air T have?
As of fiscal year 2026, Air T (AIRT) had $20.3M in cash and equivalents against $208.2M in long-term debt.
What is Air T's operating margin?
Air T (AIRT) had an operating margin of -3.4% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Air T's net profit margin?
Air T (AIRT) had a net profit margin of 23.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Air T's return on equity (ROE)?
Air T (AIRT) has a return on equity of 97.7% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Air T's free cash flow?
Air T (AIRT) recorded an outflow of $41.5M in free cash flow during fiscal year 2026. This represents a -285.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Air T's operating cash flow?
Air T (AIRT) recorded an outflow of $25.0M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
What are Air T's total assets?
Air T (AIRT) had $409.1M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Air T's capital expenditures?
Air T (AIRT) invested $16.5M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
What is Air T's current ratio?
Air T (AIRT) had a current ratio of 1.67 as of fiscal year 2026, which is generally considered healthy.
What is Air T's debt-to-equity ratio?
Air T (AIRT) had a debt-to-equity ratio of 2.61 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Air T's return on assets (ROA)?
Air T (AIRT) had a return on assets of 19.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
How does Air T's liquidity compare with its operating cash outflow?
At the end of fiscal year 2026, Air T (AIRT) held $21.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $25.0M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Air T's Altman Z-Score?
Air T (AIRT) has an Altman Z-Score of 1.34, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Air T's Piotroski F-Score?
Air T (AIRT) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Air T's earnings high quality?
For every $1 of reported earnings, Air T (AIRT) used $0.32 of operating cash (-$25.0M OCF vs $78.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Air T cover its interest payments?
Air T (AIRT) reported an operating loss of $11.2M against $12.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Air T?
Air T (AIRT) scores 30 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.